Short Sales are dominating the listing side of the MLS in the Hemet - San Jacinto Valley, CA and are starting to show up more and more in the SOLD MLS listings as well.
The common denominator of all of these short sales is that the homeowner has experienced a hardship that prevents them from keeping up with the mortgage on their real estate.
Many Hemet - San Jacinto homeowners may feel like times are tough - but not really have what the banks may consider to be a legitimate hardship. So to help those in need, lets take a look at what the banks will typically allow as a hardship, when considering a short sale:
- Illness
- Loss of Job
- Reduced Income
- Failed Business
- Job Relocation
- Death of Spouse or C0-Borrower
- Death
- Incarceration
- Divorce
- Marital Separation
- Military Duty
- Reduced Income
- Medical Bills
- Damage to Property (natural disaster or unnatural)
There are of course other legitimate hardships and with proper documentation they will also be considered by most lenders.
The key to any hardship is the documentation. When presenting your case to the bank, make sure that your letter is short and sweet - they do not want a novel, they just want the facts...and they want documents to back up your situation. Think of your hardship letter that will help you avoid foreclosure with a short sale as a biography, or an outline of this segment of your life...complete with footnotes and exhibits.
When preparing your hardship letter, make certain that you separate fiction from fact. The best hardship letters break the homeowners situation down into three easy to follow phases...the problem that occurred....how it effects the homeowner...and what the homeowner hopes to accomplish in the future. Past Present and Future are the three points that need to be covered.
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